Solving systems of simultaneous equations in economics
展示了一类经济学中描述均衡的联立方程组系统可通过度理论以初等方式求解,这些系统无法用标准布劳威尔不动点方法分析,并应用于不完全市场一般均衡和非凸生产非竞争定价规则。
We show that there is a broad range of systems of simultaneous equations that arise in economics as descriptions of equilibrium that can be solved in elementary fashion via degree theory. Some of these systems are not susceptible to analysis by standard Brouwer fixed point methods. Two of our applications are to general equilibrium with incomplete markets, and to non-convex production with non-competitive pricing rules.